I’m shocked that a car company that doesn’t produce any cars or make any money is worth more in the stock market than actual car companies.
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THE TOPICS WE WILL BE COVERING
Electric truck start-up Nikola takes on car giants
Ground beef sold at Walmart, other stores recalled for possible E. coli contamination
IBM and Amazon will stop selling facial recognition technology over racial bias concerns
Europe's Just Eat Takeaway to buy Grubhub for $7.3 billion
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https://themilsource.com/2020/06/13/ibm-and-amazon-will-stop-selling-facial-recognition-technology-over-racial-bias-concerns/
https://www.reuters.com/article/us-grubhub-m-a-just-eat-takeawaay/europes-just-eat-takeaway-to-buy-grubhub-for-7-3-billion-idUSKBN23H2FB?feedType=RSS&feedName=businessNews
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Description:
Nikola Stock Is Worth More Than Actual Car Companies
Since listing on the Nasdaq last week, the US start-up Nikola has seen its share price more than double, sending its market value to $26.3bn (£20.5bn).
The gains came after the firm announced on Twitter when it would accept orders for its pick-up truck.
The dramatic surge drew comparisons to more established rival Tesla.
Tesla has also seen its market value eclipse traditional competitors, despite having much smaller sales and a long history of financial losses.
On Twitter, Nikola chief executive Trevor Milton celebrated the share price gains, echoing the social media presence of Tesla boss Elon Musk.
Mr Milton, who is now a billionaire, said he had his sights set on overtaking Ford's best-selling F-150 pick-up truck, and promised to do his "part to be the most accessible and direct executive on Twitter".
The firm, which is based in America's southwest in Arizona, has won financial backing from Bosch and companies connected to the family of Fiat's founder Giovanni Agnelli.
It claims brewing giant Anheuser-Busch as a client.
It had raised about $500m prior to its listing, but the company has yet to generate any revenue.
It lost more than $33m in the first three months of the year.
In gearing up for its listing, Nikola estimated its net worth at about $3
